SR-8-A (110)
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FIN:TREASURY:RB:Dc:srostrli/word.pobas
council Meeting: September 8, 1992 Santa Monica, California
STAFF REPORT
TO: Mayor and city council
FROM: City staff
SUBJECT: ORDINANCE SETTING THE FY 1992-93 TAX RATE FOR THE MAIN
LIBRARY IMPROVEMENTS PROJECT GENERAL OBLIGATION BONDS
INTRODUCTION
This is to recommend that the City Council adopt the attached
ordinance setting the FY 1992-93 tax rate for the 1990 Main
Library Improvements Project General Obligation Bonds at $.003954
per $100 of assessed value.
BACKGROUND
The city issued $4.5 million in General Obligation Bonds on April
10, 1990 for the purpose of meeting the immediate parking and
future expansion needs of the Main Library. As specified by
Section 606 of the Santa Monica City Charter and Section 43632 of
the state of California Government Code, the annual debt service
on these General Obligatlon Bonds is to be payable from an
overrlde on the property tax which is leVled annually for the
period that the bonds are outstanding.
DISCUSSION
The City Treasurer has calculated the necessary property tax
override to be $.003954 per $100 assessed valuation of secured
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property for FY 1992-93 based upon 1nformation prov1ded by the
Los Angeles County Auditor-controller.
Calculation of the FY 1992-93 property tax rate is as follows:
$388,095
Debt Service for FY1992/93*
(50,801)
Excess Property Tax Proceeds
Received in FY 1991/92
$337,294
Net Requirements for FY 1992-93
(18,687)
projected Unsecured Property Tax
Revenues for FY 1992-93**
$318,607
ProJected Net Debt Service Require-
ments to be Financed by a Levy on
Secured Property for FY 1992-93
$318,607
$8,057,946,519***/$100
Tax Rate of $.003954
* Reflects debt service payments to bond holders due 1/1/93
and 1/1/93 but paid by the City to Bond Trustee during FY
1992/93.
** Unsecured revenues are calculated applying the prlor year
secured tax rate to current year assessed valuation of
unsecured property. (.004492/100 x $416,011,588)
*** Reflects total city secured assessed valuation for FY
1992/93.
In accordance w1th Section 1501 of the City Charter, the City
will use the County system of assessment and collection of
property taxes.
BUDGET/FINANCIAL IMPACT
Adoption of the attached ordinance has no impact on the FY
1992-93 budget.
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The Property Tax impact of this tax override levy on a resldence
with a secured assessed value of $500,000 is $19.77/year.
RECOMMENDATION
It lS recommended that the City Council introduce and adopt the
attached ordinance setting the FY 1992-93 tax rate for the 1990
Main Library Improvements Project General Obligation Bonds at
$.003954 per $100 of assessed value.
Prepared by: Mike Dennis, Director of Finance
Ralph Bursey, Revenue Manager/city Treasurer
David Carr, Assistant City Treasurer
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CA:RMM:CMD/hpw:ord992tr
City Council Meetlng 9-8-92
Santa Monlca, Cal1fornia
ORDINANCE NUMBER 1643 (CCS)
(C1ty Counc11 Series)
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF SANTA MONICA SETTING THE 1992-93
TAX RATE FOR THE MAIN LIBRARY IMPROVEMENTS
PROJECT GENERAL OBLIGATION BONDS
WHEREAS, at the November 8, 1988 general election, by a
favorable vote of more than two thirds of all the voters voting
on the propositlon, the issuance of General Obligation Bonds (the
"Bonds") in the principal amount of $4.5 million was authorlzed
for the purposes of flnanc~ng acquisition and improvement of real
property for meeting parking and future expans10n needs of the
Main Library; and
WHEREAS, on February 13, 1990, the city Counc11 adopted
Resolutlon Number 7976 (CCS) (liThe Bond Resolution"), authorizing
the l.ssuance of such Bonds and such issuance and sale of the
Bonds occurred on April 10, 1990; and
WHEREAS, the Clty Council of the City of Santa Monica is
empowered and obl1gated to levy ad valorem taxes for the payment
of sa1d Bonds and the lnterest thereon, upon all property within
the city subject to taxat10n by the CitYi and
WHEREAS, in accordance w1th the Bond Resolution, the City
Counc11 is required to fix, levy and collect annually until all
of the Bonds are paid or untl1 there is a sum 1n the City
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treasury set apart for that purpose sufficlent to meet all sums
comlng due for prlnclpal and lnterest on sald Bonds, a tax
sufficient to pay the annual interest on the Bonds and such part
of princlpal as the same shall become due; and
WHEREAS, the taxes required to be levied and collected by
the Bond Resolution shall be in addition to all other taxes
levied for City purposes, shall be collected at the time and in
the manner as other City ad valorem taxes are collected, and
shall be used for no purpose other than payment of the Bonds and
accrued interest thereon,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES ORDAIN AS FOLLOWS:
SECTION 1 .
The City Council hereby sets the Fiscal Year
1992-93 ad valorem Tax Rate for the Main L1brary Improvements
ProJect General Obligation Bonds Serles 1990 at $.003954 per
$100.00 of assessed value for property located within the City of
Santa Monica.
SECTION 2.
Thls Ordinance shall take effect upon adoption
pursuant to Santa Monica Charter Sectlon 619{c).
SECTION 3.
The Mayor shall sign and the C1ty Clerk shall
attest to the passage of this Ordlnance.
The City Clerk shall
cause the same to be published once ln the official newspaper
with1n 15 days after its adopt1on.
APPROVED AS TO FORM:
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ROBERT M. MYERS
City Attorney
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Adopted and approved this 8th day of september, 1992.
I hereby certify that the foregoing Ordinance No. 1643(CCS)
was duly and regularly introduced at a meeting of the City
council on the 8th day of September 1992: that the said Ordinance
was thereafter duly adopted at a meeting of the city Council on
the 8th day of September 1992 by the fallowing Council vote:
Ayes: Councilmembers: Abdo, Genser, Holbrook, Katz,
Olsen, Vazquez, Zane
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: None
ATTEST:
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